At a time when some market observers are increasingly of the opinion that America may be heading toward a recession, a fringe financial theory is starting to make its way around Washington DC. Pushed by bipartisan support from prominent politicians like Alexandria Ocasio-Cortez and - some would argue Donald Trump himself - Modern Monetary Theory (MMT), which has hitherto been regarded as a...
The number of Americans applying for unemployment benefits rose again last week, the week ended February 23, after an exceedingly volatile month which saw initial claims hit a one-year high on average at one point. Continuing claims have hit a 10-month high, leading to concerns of a labor market slowdown despite strong performance compared to historical employment levels. Initial claims rose by...
By CCN.com: There is a belief among some in the cryptosphere that a global recession or cataclysmic events are bound to imbue the populace with a sudden desire for cryptocurrencies. To frame this accurately, we have to assess the various factors at play. In one respect, for larger monied interests, Bitcoin could certainly offer a hedge against inflation and decreased productivity. Trade...
Jamie Dimon, the CEO of JPMorgan Chase, warns that the partial US government shutdown could cut the United States' economic growth to zero if it continues through March 31. "Someone estimated that if it goes on for the whole quarter, it can reduce growth to zero," Dimon told reporters. He did not cite the source for his claim. The billionaire banker made the remark while discussing JPMorgan's...
There's no fear of a recession within the next five years, so everyone anxious about bearish projections should calm down. That's the advice of Krishna Memani, the chief investment officer at OppenheimerFunds. Memani says the US economy is slowing down a bit, but it will still increase north of 2%. Moreover, Memani says that fears of a US recession that will drag down the global economy is...
Fundstrat’s Tom Lee says the stock market sell-off doesn’t indicate a recession is nigh, but the earnings season looks “ugly” and the U.S Federal Reserve is to blame. Speaking today on CNBC’s Fast Money, the analyst, who appears lately to be receiving more and more criticism for his predictions, spared the numbers but doesn’t hold much hope for the upcoming earnings season. Lee had hoped for a...
Mohamed El-Erian — the chief economic adviser at Allianz SE — says concerns over a US recession are overblown, but we can expect wild fluctuations on the Dow Jones Industrial Average in 2019 because of financial uncertainty in Europe and China. However, El-Erian said the US economy will remain strong and will continue to grow at a robust rate of 2.5% to 3%, while wages will continue to rise 3% or...
Bitcoin has seen growing adoption in Nigeria, especially since the economy fell into recession earlier this year following much lower global oil prices. The economy’s contraction by 2.06% between April and June 2016 has increased concerns regarding Nigeria’s banking system, with the nation’s currency greatly devalued, sending bitcoin at an all-time high of $1,228.09 in Nigerian money, according...